Knight Capital (KCG) Receives Competing Bids in Debt, Trading Unit Sales
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Knight Capital Group (NYSE: KCG) is in talks to sell its credit sales and trading operations and has received bids from three companies, including Guggenheim Partners, Canaccord Financial, and Sterne Agee & Leach, according to reports this afternoon.
Last year a computer glitch resulted in a $450 million trading loss, and Knight agreed to sell itself to Getco for $3.75 per share. Since then it has been seeking to sell its bond trading business. Reports say Guggenheim Partners and Canaccord Financial are both front-runners in the talks.
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Last year a computer glitch resulted in a $450 million trading loss, and Knight agreed to sell itself to Getco for $3.75 per share. Since then it has been seeking to sell its bond trading business. Reports say Guggenheim Partners and Canaccord Financial are both front-runners in the talks.
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